Treasury gets $11.7B from GM stock sale

November 23, 2010 2:05:54 PM PST

WASHINGTON --

The Treasury Department says it has received $11.7 billion from the sale of 358.5 million shares of General Motors stock.

Treasury announced that the net proceeds from the GM stock sold last week were delivered on Tuesday. Treasury officials said that the government could receive an additional $1.8 billion assuming the underwriters exercise options to purchase an additional 53.8 million shares of GM common stock within 30 days of the initial stock offering.

The government put $49.5 billion into GM as part of its bailout of the giant automaker.